Cineworld Closes Theatres, May Break with National CineMedia

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Thu, 01/05/2023 - 11:17 -- Nick Dager

As has been widely reported, Cineworld has closed 23 theatre sites since filing for bankruptcy protection last year and plans more closures. In addition, the theatre chain has indicated that it may sever its ties with cinema advertising company National CineMedia.

As has been widely reported, Cineworld has closed 23 theatre sites since filing for bankruptcy protection last year and plans more closures. In addition, the theatre chain has indicated that it may sever its ties with cinema advertising company National CineMedia.Bloomberg News was first to report the story. It cited a legal adviser as its source.

The closures so far represent roughly five percent of Cineworld’s theatre count in August, according to the report, which added the cinema chain now has 478 sites.

Cineworld did not immediately respond to requests for comment.

The news came after Cineworld said it was not open to being bought by AMC and would focus on a sale of the entire group rather than individual assets.

The company’s finances were bled by aggressive expansion including its move into the United States. It has warned that any restructuring or sale will result in significant dilution of equity interests with no guarantee of recovery for existing investors.